ANZ was financing a Cambodian sugar plantation involved in child labour, military backed land grabs, forced evictions and food shortages, while Westpac has supported a timber company in PNG accused of logging pristine rainforest through an invalid lease arrangement, Oxfam Australia said.

The big four declined to comment on their links to the specific companies highlighted by Oxfam Australia, but emphasised their commitment to ethical lending practices.

Westpac welcomed the Oxfam Australia report and said it would stop lending to customers operating illegally or outside the banks own ethical standards.

“Where there is a risk of customers operating outside the law or the customer does not meet our requirements, Westpac will undertake a review, and if appropriate, exit the banking relationship,” it said.

ANZ said it took its environmental and social responsibilities seriously, and had exited relationships in the past where customers were unwilling to adhere to its standards.

“ANZ will always look to work with our customers to meet internationally accepted standards of good practice and support and encourage them to engage with local communities, governments or other interest groups such as NGOs,” it said in a statement.

A NAB spokesman said the bank assessed social and environmental risks before lending to a customer.

“This includes assessing a potential customer’s background, character, track record and country of domicile,” he said.

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Comments on this story

Malcolm Posted at 5:01 PM April 28, 2014

Time to gaol the bankers.

ab of Australia Posted at 2:43 PM April 28, 2014

The banks will only refrain from those relationships exposed by the media. They are not inclined to spending any more time on due diligence than they have to. Such is the persuit of the vulgar dollar.

mucki of ACT Posted at 2:32 PM April 28, 2014

I certainly would not like my banks, Westpac and the Commonwealth bank, rob land from farmers and support development on their precious land. For these farmers a few patches of land makes the difference between life and death. Please let us support small landowners to support themselves on every part of this planet. Ethical investment by the banks I support is important to me and I will not continue to have accounts with banks who rort small helpless landowners.

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